CPO Futures End Week Higher For Fifth Straight Session
By Abdul Hamid A Rahman
KUALA LUMPUR, Aug 21 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended higher on Friday, extending gains for a fifth consecutive session, supported by firmer soybean oil futures on the Chicago Board of Trade (CBOT).
Iceberg X Sdn Bhd proprietary trader David Ng said higher crude oil prices also lifted market sentiment.
“The benchmark November 2026 CPO futures contract rallied above RM5,000 per tonne, continuing its strong positive momentum today.
“Persistent weather concerns are also driving prices higher in the near term,” he told Bernama.
Ng said he sees support at RM4,850 per tonne and resistance at RM5,100 per tonne.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said CPO futures continued their bullish rally this week, with the benchmark November 2026 contract closing above RM5,000 per tonne, in line with expectations.
“Palm oil prices are on a bullish rally, driven by strong fund buying in Dalian Commodity Exchange (DCE) refined, bleached and deodorised (RBD) palm olein and soybean oil futures, as well as purchases in the physical markets.
“Strength in energy futures and related vegetable oil and oilseed markets also provided additional support,” Bagani told Bernama.
At the close, the September 2026 contract rose RM57 to RM4,791 per tonne, October 2026 gained RM62 to RM4,934 per tonne, and November 2026 added RM57 to RM5,018 per tonne.
The December 2026 contract advanced RM52 to RM5,077 per tonne, January 2027 climbed RM48 to RM5,118 per tonne, and February 2027 increased RM46 to RM5,141 per tonne.
Trading volume decreased to 121,114 lots from 124,014 lots, while open interest widened to 342,115 contracts from 338,827 contracts previously.
The physical CPO price for September South increased by RM50 to RM4,770 per tonne.
-- BERNAMA